It's not as simple as they want you to believe.
I have a huge struggle when it comes to all of the training and coaching and experts offering up their magic.
Right now, on any social media platform, in any search engine, you'll be able to find someone telling you that it's easy to start working as a virtual assistant. In a matter of weeks you'll be posting pictures of yourself vacationing on a beach in some beautiful destination because you're making tens of thousands of dollars as a VA.
Maybe some are even promising that you can have a six figure income from your VA work.
I'm a complete optimist. Truly. But I am not a sucker, either.
Right now, on any social media platform, in any search engine, you'll be able to find someone telling you that it's easy to start working as a virtual assistant. In a matter of weeks you'll be posting pictures of yourself vacationing on a beach in some beautiful destination because you're making tens of thousands of dollars as a VA.
Maybe some are even promising that you can have a six figure income from your VA work.
I'm a complete optimist. Truly. But I am not a sucker, either.
LET'S DO THE MATH
I like to deal with cold hard facts. (Like, I'm never going to be a size 4 and 5' 11'.)
When people say how much money you can make, I want proof. I want to know HOW. So let's talk numbers, because that's what counts.
A "six figure income" means, at the very least, $100,000. No one can argue that. How do we get to $100,000 being a virtual assistant?
There are 52 weeks in a year.
There are 40 hours per work week. (If we want to keep sane and do a standard work week.)
That means there are 2,080 working hours. (We're ignoring all holidays, vacations, birthdays, sick days, etc.)
The question isn't "how do I make $100,000?" The question is now "what do I need to charge clients in order to make $100,000?"
Let's do that hard math on rates:
$20/hr x 2080 hours = $41,600
$30/hr x 2080 hours = $62,400
$40/hr x 2080 hours = $83,200
$50/hr x 2080 hours = $104,000
At this point, we need to be charging at least $50/hr to all clients. I say at least because that $104,000 is before taxes. I like to take at least 25% away for taxes. Because...well, taxes. So now we're down to around $75,000. Let's keep going.
$60/hr x 2080 hours = $124,800
That's getting closer to what you need to charge to make that six figure income.
But wait! There's more!
Expenses. You'll have them. Just because you're working from home doesn't mean you don't incur expenses. Office supplies, software, hardware, phone... Depending on what you do, you could have $3,000-$5,000 in expenses (or more) yearly.
I like to deal with cold hard facts. (Like, I'm never going to be a size 4 and 5' 11'.)
When people say how much money you can make, I want proof. I want to know HOW. So let's talk numbers, because that's what counts.
A "six figure income" means, at the very least, $100,000. No one can argue that. How do we get to $100,000 being a virtual assistant?
There are 52 weeks in a year.
There are 40 hours per work week. (If we want to keep sane and do a standard work week.)
That means there are 2,080 working hours. (We're ignoring all holidays, vacations, birthdays, sick days, etc.)
The question isn't "how do I make $100,000?" The question is now "what do I need to charge clients in order to make $100,000?"
Let's do that hard math on rates:
$20/hr x 2080 hours = $41,600
$30/hr x 2080 hours = $62,400
$40/hr x 2080 hours = $83,200
$50/hr x 2080 hours = $104,000
At this point, we need to be charging at least $50/hr to all clients. I say at least because that $104,000 is before taxes. I like to take at least 25% away for taxes. Because...well, taxes. So now we're down to around $75,000. Let's keep going.
$60/hr x 2080 hours = $124,800
That's getting closer to what you need to charge to make that six figure income.
But wait! There's more!
Expenses. You'll have them. Just because you're working from home doesn't mean you don't incur expenses. Office supplies, software, hardware, phone... Depending on what you do, you could have $3,000-$5,000 in expenses (or more) yearly.
THINK ABOUT IT
$60/hr, working at least 40 hours per week, every week, without consideration of holidays, breaks, etc.
Can you charge $60/hr? Of course. You can charge $100/hr. Plenty of people do.
The majority of the people that have high fees have specialized skills. Graphic designers, web developers, high-output writers.
Can virtual assistants charge that much? Of course they can. Some do. And there are some businesses that will pay for it. But plenty won't, because they just don't have the budgets for it. They could hire someone part time to come in house for $15-$20/hr, so why would they hire someone at $60?
$60/hr, working at least 40 hours per week, every week, without consideration of holidays, breaks, etc.
Can you charge $60/hr? Of course. You can charge $100/hr. Plenty of people do.
The majority of the people that have high fees have specialized skills. Graphic designers, web developers, high-output writers.
Can virtual assistants charge that much? Of course they can. Some do. And there are some businesses that will pay for it. But plenty won't, because they just don't have the budgets for it. They could hire someone part time to come in house for $15-$20/hr, so why would they hire someone at $60?
DON'T BE DISCOURAGED
I don't tell you these things to discourage you. I want you to succeed and I want you to make a ton of money so you can pay your bills, save money and be able to breathe easy going forward.
I am just being realistic. You will always get no frills honesty from me. I want you to know that with hard work and determination to succeed, you can make a comfortable living being a virtual assistant.
It won't happen overnight, and you're not going to be a millionaire in six weeks.
But you can be successful and happy and enjoy taking control of your income and your virtual life.
I don't tell you these things to discourage you. I want you to succeed and I want you to make a ton of money so you can pay your bills, save money and be able to breathe easy going forward.
I am just being realistic. You will always get no frills honesty from me. I want you to know that with hard work and determination to succeed, you can make a comfortable living being a virtual assistant.
It won't happen overnight, and you're not going to be a millionaire in six weeks.
But you can be successful and happy and enjoy taking control of your income and your virtual life.